Magna to buy transmission maker Getrag

Canada-based provider Magna International is believed to be closing in on a bid to get transmission manufacturer Getrag.
In accordance with Bloomberg, Magna, The United States biggest auto parts supplier, could declare a deal to get Germany-centered Getrag just as this week. No value tag was associated with the possible deal. Getrag now assembles transmission for OE auto makers like BMW, Ferrari, Renault and Volvo. In 2013 Getrag created $3.6 billion in revenue. Magna's power trains program device, which would take-over Getrag's transmission company, recorded $5 billion in sales last year. Although nearly peanuts, Getrag was not able to match its chief competitor, ZF, in terms of sales. Last yr ZF, which can also be located in Germany, created $33-billion in sales, mainly as a result of organization 's recent acquisition of TRW Automotive Holdings Corp.Magna is not any stranger to big acquisition bids, however they have not consistently worked out. Magna neglected to get Chrysler in 2007 and missed out again on buying the Saturn and Opel manufacturers from Gm in 2009.
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